Iran to Invest €500 Million on Renewable Energy Projects

Base on the recent reports, Iran is going to invest and allocate €500 million on renewable energy projects. Iranian President Mahmoud Ahmadinejad has approved drawing €500 million out of the National Development Fund to develop renewable energy projects.

Mohammad Behza, Deputy Energy Minister, said a portion of this money will be paid to private sector and small developers in the form of loans.

The National Development Fund was innovated by Ahmadinejad’s government last year in order to tap 20 percent of oil and gas revenues for social investment. The total value of this case is estimated around $35 billion.

Iran is projected to export as much as 10 billion kilowatt hours (BkWh) of electricity in the current calendar year, compared to 8.6BkWh in the past year, Behzad said on April 30. Behzad said on April 4 that the Energy Ministry had prepared plans to increase electricity generation capacity of national power plants by 5GW this year.

By the end of the Fifth Five-Year Economic Development Plan (2015), Iran will boost its electricity generation capacity by 25GW to reach 73GW, Energy Minister Majid Namjou said on February 7.

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